Local investor Seagate Properties acquires The Harbors, 114,000 s.f., two-building campus on Sausalito waterfront
(EDITOR’S NOTE: The sale price for the project was just around $53 million, or just around $465 per square foot, according to sources with direct knowledge of the transaction details. The seller of the property was Houston-based PM Realty Group, which purchased the office complex in February of 2016 for $34.8 million. This is the second time the asset has traded since the Great Recession. In February of 2019, the owners placed the asset on the market, as The Registry first reported. They were seeking pricing in the low $50 million range.)
SAUSALITO, CA. — June 26, 2019 — In a sign that suburban office campuses in the Bay Area continue to attract strong investor interest, JLL Capital Markets has completed the sale of The Harbors, a recently renovated, institutional-quality two-building office campus at 1 and 3 Harbor Drive in Sausalito. The buyer was Marin County-based Seagate Properties.
Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson represented the seller, Roseview-PMRG Fund I, LLC, a $250 million discretionary fund managed by Boston-based The Roseview Group.
John Manning, Alex Witt and Tom Gilliland of JLL arranged acquisition financing for the buyer.
“The Harbors is a great institutional-quality office asset in the Southern Marin market and presents Seagate with the opportunity to add further value with enhancements beyond the recent Gensler-designed renovations executed by the seller and drawing new tenants to its unparalleled location just across the Golden Gate bridge,” said Michel Seifer, Managing Director of JLL.
“We are excited to add this multi-tenant asset to our growing portfolio of properties throughout the Bay Area, and look forward to continued capital improvements and enhancing tenant amenities to attract new tenants to this incredible seaside office campus which is just a ferry ride to downtown San Francisco,” said Wick Polite, partner of Seagate.
The Harbors was built in 1982 and totals approximately 114,000 square feet. The two, three-story buildings are 81 percent leased to a diverse group of tenants including Aperio Group, Regus, Prima Medical, and Waggl. The Harbors is just off the US-101 making it approximately 10 minutes by car or 30 minutes by ferry to the city of San Francisco.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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Seagate Properties, Inc. is a full service real estate investment and operating company based in San Rafael, California. The company specializes in institutional and private direct equity investment in office, industrial, multi-family and mixed-use retail properties.
Seagate focuses on achieving consistent investment objectives by acquiring, renovating, managing and leasing real property located in select urban and suburban markets. For more information about the company, visit the Seagate website at www.seagateproperties.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.